Core Scientific hands 27,000 mining rigs to Nydig to pay a guilt
Core Scientific hands 27,000 mining rigs to Nydig to pay a guilt
The once prominent Bitcoin-Miner Core Scientific signed an agreement with the New York Digital Investment Group (Nydig) to hand over 27.403 of its mining machines and thus to pay an outstanding guilt of $ 38.6 million.
A few days before Christmas 2022, the company applied for insolvency protection.
looking for a way out
According to a file submitted to the insolvency court for the southern district of Texas, Core Scientific has agreed to transfer over 27,000 of his mining rigs (around 18 % of its total equipment) to Nydig to repay his debts. The deal must be approved by the responsible judges before it becomes official.
Core Scientific claimed that these machines were no longer vital for his business and emphasized how important it was to repay the loan.
In 2020, the company borrowed $ 77.5 million from the investment management company to expand its business. At the end of 2022, however, the debt was settled because the income from the Baisse went back.
The net losses of the miners to $ 1.7 billion in the third quarter of 2022. Stock) to stay over water, but that could not stop the free fall.
The low price of the primary cryptocurrency (compared to the bull run 2021) and the increasing energy costs urged Core Scientific in the direction of Submission
His shares crashed to $ 0.05 when the message was announced. However, improving the market for cryptocurrencies at the beginning of 2023 led to a price boost for Corz. Shares are currently about $ 0.47 (an increase of 840 % compared to the figures from December).
mining despite bankruptcy it continues
Despite their problems, the organization based in the USA produced 1.356 BTC in November and 1,435 BTC in December. His self-mining calculation for the last month of the year was 15.7 EH/S, compared to 15.4 EH/s in the previous 30 days. This coincides with the company's intentions to continue to produce Bitcoin to repay its debtor.
Core Scientific also secured a fundraiser of $ 500 million by financial giants such as Blackrock, Ibex Investors, Kensico Capital and Apollo Capital. The world's largest asset manager borrowed $ 38 million by bought secure convertible bonds from the miner. The biggest contribution to financing made IBEX investors with a loan of almost $ 100 million.
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